Most central banks spend less than 20% of their IT budget on security
Average spend was 16% of IT budget
Central banks that responded to the Fintech & IT Benchmarks 2021 spend an average of 16% on cyber security. One institution allocated just 3% of their budget to this, while at the other extreme, one spent 42%.
Central banks in the Americas and Europe allocated 9% and 10% of their budgets to cyber security, respectively. Those in Africa spent an average of 25%. Asian institutions earmarked the largest percentage of their budgets – 31%.
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